Debt

3 Months Ended

Mar. 27, 2022

Debt Disclosure [Abstract]

Debt

DebtDebt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):

	March 27, 2022		December 31, 2021		March 28, 2021
Unsecured commercial paper	$	816,016	$	751,286	$	749,801
Global credit facility borrowings	—		—		15,462
	$	816,016	$	751,286	$	765,263

Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands): 

			March 27, 2022		December 31, 2021		March 28, 2021
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	95,664	$	85,054	$	102,543
Asset-backed U.S. commercial paper conduit facility			269,534		272,589		350,648
Asset-backed securitization debt			1,363,254		1,634,753		2,109,046
Unamortized discounts and debt issuance costs			(5,696)		(7,611)		(9,788)
			1,722,756		1,984,785		2,552,449
Unsecured notes (at par value):
Medium-term notes:
Due in 2021, issued May 2018	3.55	%	—		—		350,000
Due in 2022, issued February 2019	4.05	%	—		550,000		550,000
Due in 2022, issued June 2017	2.55	%	400,000		400,000		400,000
Due in 2023, issued February 2018	3.35	%	350,000		350,000		350,000
Due in 2023, issued May 2020(a)	4.94	%	723,886		737,302		762,996
Due in 2024, issued November 2019(b)	3.14	%	668,202		680,586		704,304
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Due in 2027, issued February 2022	3.05	%	500,000		—		—
Unamortized discounts and debt issuance costs			(12,243)		(9,228)		(13,564)
			3,329,845		3,408,660		3,803,736
Senior notes:
Due in 2025, issued July 2015	3.50	%	450,000		450,000		450,000
Due in 2045, issued July 2015	4.625	%	300,000		300,000		300,000
Unamortized discounts and debt issuance costs			(5,158)		(5,332)		(5,851)
			744,842		744,668		744,149
			4,074,687		4,153,328		4,547,885
Long-term debt			5,797,443		6,138,113		7,100,334
Current portion of long-term debt, net			(1,327,357)		(1,542,496)		(1,622,243)
Long-term debt, net			$	4,470,086	$	4,595,617	$	5,478,091

(a)€650.0 million par value remeasured to U.S. dollar at March 27, 2022, December 31, 2021, and March 28, 2021, respectively

(b)€600.0 million par value remeasured to U.S. dollar at March 27, 2022, December 31, 2021, and March 28, 2021, respectively

Future principal payments of the Company's debt obligations as of March 27, 2022 were as follows (in thousands):

2022	$	1,716,955
2023	1,591,745
2024	1,058,291
2025	1,398,474
2026	71,091
Thereafter	800,000
Future principal payments	6,636,556
Unamortized discounts and debt issuance costs	(23,097)
	$	6,613,459